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Compare Car Loan - ICICI Bank vs Andhra Bank

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Bank
Parameters
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.90% - 9.85%
7.40% - 7.50%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
12.00% - 14.50%
10.40% - 10.50%
Rate Type
Rate Type
Fixed
Fixed
Processing Fee
Processing Fee
2.00% of loan amount
1.00% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,664
₹ 14,640
Maximum LTV for New Car
Maximum LTV for New Car
100% of ex-showroom price
85% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
80 % of market value
60 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
5%
Nil
Minimum Age
Minimum Age
18 Years
18 Years
Maximum Age
Maximum Age
65 Years
75 Years
Minimum Income
Minimum Income
₹ 2.50 lakh
₹ 1.00 lakh
Customer Ratings
Customer Ratings
4/5.0
4/5.0
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Compare EMI of ICICI Bank and Andhra Bank Car Loan

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Andhra Bank at 7.40% for 7 years and ICICI Bank at 7.90% for 7 years.

Loan Amount ICICI Bank Andhra Bank
₹ 1 Lakh ₹ 14,664 ₹ 14,640
₹ 3 Lakh ₹ 43,993 ₹ 43,921
₹ 5 Lakh ₹ 73,322 ₹ 73,201
₹ 10 Lakh ₹ 1,46,644 ₹ 1,46,403

Which Bank is better for Car Loan – Andhra Bank or ICICI Bank?

Andhra Bank offers lower Car Loan EMI at ₹ 14,640 on a Car Loan for 7 years as compared to ICICI Bank and with a minimum EMI of ₹ 14,664 for 7 years. Average customer ratings for Andhra Bank is currently at 4 which makes it a good choice for taking a Vehicle Loan.

How does Andhra Bank Car Loan compare with ICICI Bank Car Loan?

It is important to do a detailed comparison of Andhra Bank and ICICI Bank Car Loan on all loan terms and conditions to understand their differences in rates and charges and make a better choice amongst the banks. Some of the conclusion drawn on the comparison between banks are:

  • The lowest Interest rate of Andhra Bank Car Loan interest rate is 7.40%, which is lower than the lowest interest rate of ICICI Bank Car Loan at 7.90%. Thus, Andhra Bank car loan is cheaper in comparison to ICICI Bank.
  • If you want to buy a used car, you can opt for Andhra Bank as it offers used car loan at a lower interest rate of 10.40% in comparison of ICICI Bank which offers a higher rate of 12.00% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Andhra Bank charges a lower processing fee of 1.00% of loan amount vs ICICI Bank with a processing fee of 2.00% of loan amount.
  • ICICI Bank has a maximum processing fee of ₹ 8,500 compared to Andhra Bank with processing fees of ₹ 1,000. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Andhra Bank.
  • ICICI Bank offers loan of upto 100% of ex-showroom price for a new car loan, whereas, Andhra Bank offers vehicle loan of upto 85% of on-road price.

Which bank offers a lower interest rate on Car Loan - Andhra Bank or ICICI Bank?

As per the current rates, Andhra Bank offers a lower interest rate of 7.40% on Car Loan when compared to ICICI Bank which offers a Car Loan at 7.90%.

What is the maximum LTV offered on a Car Loan amongst Andhra Bank or ICICI Bank?

Banks provide car loans on ex-showroom price & on-road price. ICICI Bank provides a higher LTV of upto 100% of ex-showroom price. However, Andhra Bank provides the lower LTV 85% of on-road price.

Know all about Car Loan

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Know More About Andhra Bank Car Loan

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Our News - Jun 2021
  • 2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
  • 2021-06-21 : BharatPe FY21 revenue jumps over six times to Rs 700 crore
    In the financial year 2020-21, BharatPe has witnessed a huge jump in its revenues. With the pandemic forcing more and more people and businesses to use digital transactions, it has helped the start-up earn a revenue of over Rs 700 crores, compared to just Rs 110 crores in 2019-20. The company gives small-ticket fully unsecured loans, which majorly includes personal loans, along with two-wheeler loans, car loans and other small loans, averaging at Rs 75,000 to its merchant members. The company also saw an increase in the number of merchants from 24 lakhs to 60 lakhs along with the rise in transaction value from 10 crores a month to 2.7 crores a month.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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